Cisco Systems reported flat quarterly sales and guided sales decline in the current quarter ending in July. The networking company returned $1.8 billion to shareholders in the fiscal third quarter.

U.S. indexes dropped sharply on the growing worries that financially strapped consumers, supply disrupted companies, and elevated energy prices are slowing the economy faster than anticipated by investors.

European markets declined more than 1% after the U.K. inflation accelerated in April to the fastest pace in nearly four decades. Elevated energy prices and supply chain disruptions also weighed on the market sentiment.

Lowe's Companies reported weaker than expected sales and earnings after comparable sales fell in the quarter on tough comparison. Customers also searched for energy efficient products.

Target Corp earnings plunged more than 50% after the company struggled with inventories mismatched and rising operating costs. The company also guided weak operating margin in the second quarter and for the rest of the year.


U.S. indexes turned negative after Target Corp reported lower earnings on rising costs and supply disruptions. Target plunged 25% and stocks in the retail sector plunged.

Asian markets closed mixed after Japan's economy contracted less than expected in the first quarter and industrial production rose. Resource and energy stocks lifted the Australian index 1%.

U.S. stocks rebounded from the lows after steep losses in the last six weeks. Tech stocks led the advance and investors searched for bargains in tech and transportations sectors.

Walmart said U.S. customer transactions were flat but spent 3% more at stores. Sam's Club sales and comparable sales surged as more members signed up.

Home Depot said March quarter sales increased 3.8% and net income rose 2.1% after comparable sales at the U.S. locations rose 1.7%. The transaction size jumped 11% but the number of transactions fell 8.2%.


U.S. market indexes gained after three days of lackluster trading. Stocks in technology, resource, and consumer sectors drove the advance. Crude oil and U.S. benchmark bond yields increased. Home Depot and Walmart reported diverging quarterly results.

Asian markets were bolstered after Shanghai achieved zero Covid-19 transmission for the third day in a row. The Nikkei advanced for the third day in a row and tech stocks in Hong Kong led the advance. Australian markets were muted on the prospects of future rate hikes.

In choppy trading market indexes lacked direction as stock market battled inflation worries, crude oil advanced on higher demand expectations, and the bond market forecasted rising rates.

U.S. market indexes were on the defensive after retail sales declined and production contracted in China. European markets edged lower after economic growth in the euro zone was lowered and German wholesale prices surged at the fastest pace since 1962.

Asian markets traded in a tight range with negative bias after April sales declined more than expected and production contracted in China. Switzerland-based Holcim agreed to sell its stakes in India for $10 billion.

Rebound in tech stocks in New York spread to the energy patch and lifted market indexes in Europe trimming weekly losses. Germany led the market advance in Europe. Crude oil jumped 4% inching closer to a 10-year high.